India Cold Chain Logistics Market Expected to Grow at Solid CAGR through 2028
Reduces spoilage & waste, improves product quality
and ensures fresh, high-quality products for consumers in India is driving the Cold Chain Logistics Market.
According to
TechSci Research report, “India Cold Chain Logistics Market - By Region, Competition, Forecast & Opportunities, 2028”, The main driving forces
behind the growth of the Indian cold chain market are the rising demand for
processed food products and the expansion of the retail and e-commerce sectors
in the country. These factors suggest that the market value of the country's cold
chain logistics market is expected to increase at a healthy CAGR during the forecast period.
India is the world's second-largest producer of fruits
and vegetables, and the third-largest producer of milk, and it produces a
sizable number of fish, meat, and poultry goods. However, there is significant
food and agricultural product loss as a result of the nascent cold chain
supply. According to the Food & Agriculture Organization, 1/3 of all food
produced annually is lost, or around 1.3 billion tonnes. These losses might
cost as much as USD 8 to 15 billion annually, according to estimates. To
prevent these issues, the cold chain industry must grow. In addition to
perishable foods, the pharmaceutical business is a significant industry that
relies on a reliable cold supply chain network. A strong and well-maintained
cold supply chain network is required for the transportation and storage of
vaccines, life-saving medications, and other pharmaceutical raw materials.
The expansion of
organized food retail as well as the increase in perishable food production and
consumption in the country are driving the demand for cold chains. The majority
of organized retail businesses are constructing sizable cold chain
infrastructures to manage their supply chains effectively. Additionally, the
region's rising taste for processed food items and move toward the production
of fruits and vegetables over grain crops considerably contribute to the
industry's expansion.
India s experiencing substantial growth in the
demand for high-quality items as a result of rising consumer disposable income
and an expanding middle-class population. The expansion of the sector in India
is further aided by the country's rapid urbanization and expanding
industrialization.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "India Cold Chain Logistics Market".
The government's
aim to build numerous mega food parks in addition to its favourable laws is
giving the industry even more of a boost. The healthcare sector's increasing
need for efficient cold chain facilities to preserve heat-sensitive goods
including vaccines, biopharmaceuticals, and clinical trial
materials, among others, is driving the industry's expansion. The vaccines,
biopharmaceutical, and clinical trials industries in India are expected to
increase, and this will lead to substantial demand for cold chain logistics
over the forecast period.
The majority of
the cold storage is situated near industrial sites . Industry sources estimate
that India's retail sales reached USD 630 billion in 2018, with 57% of that
amount coming from small and medium-sized food vendors with
minimal refrigeration and freezing equipment. However, as additional stores are
opened by contemporary retailers with cold storage, the share of smaller
businesses countrywide is expected to decline to 48% by 2023. This is because
modern retailers with cold storage are expanding in major cities such as Mumbai
and New Delhi.
The
pharmaceutical and clinical trial industries in India are booming. India has
emerged as the largest generic medication maker and supplier of 50% of the
world's vaccinations, with over 3,000 pharmaceutical businesses operating at
over 10,000 production facilities. Pharmaceutical commodities are particularly
sensitive to changes in temperature and the passage of time, therefore
maintaining a cold chain is essential for this sector. The cold chain is
greatly needed in the current situation when the safe supply of vaccines for
mass vaccination against COVID-19 is of the utmost importance.
The cold chain
segments have lately come into prominence as a result of the expansion of
organised 3PLs, QSR, retail, e-commerce, and the food service sectors as a
result of shifting consumer habits. To effectively manage their supply chains,
companies must first establish a robust cold chain infrastructure since
consumers today expect a wide range of fresh produce, including fruits,
vegetables, dairy goods, meat, and poultry items. The
current tendency is to create multifunctional cold storage and offer end-to-end
services throughout the value chain.
To capitalize on growing
consumer buying power and evolving consumer tastes, multinational corporations
have recently started focusing on the Muslim market. For instance, The region
countries include , Malaysia, Myanmar, Brunei, and India. Muslims make up
more than 260 million people globally, with the majority residing in Singapore,
Malaysia, the Philippines, Indonesia, India, Myanmar, and Brunei. Islamic
travel, food, apparel, and cosmetics have gained popularity as a result of the
numerous halal lifestyle events and campaigns that have taken place in the area
during the past ten years.
Based on application type,
the market is divided into seafood, meat, fruit & vegetable, dairy products,
alternative protein, and others. The fruits & vegetables and dairy products
application type is dominating with a healthy market share and is expected to
maintain its dominance during the forecast period. India is currently the
second-biggest producer of fruits and vegetables and the greatest producer of
milk. Additionally, the region produces a significant amount of beef, poultry,
and marine goods. These goods need a certain temperature for storage and
transit because the majority of them are perishable and temperature sensitive.
As a result, it is expected that the cold chain logistics industry is expected
to grow during the forecast period.
Key market
players in the India Cold Chain Logistics Market include:
- Gati Kausar India Pvt. Ltd.
- Snowman Logistics Pvt. Ltd.
- ColdEX Limited
- Stellar Value Chain Solutions Pvt. Ltd.
- Future Supply Chain Solutions Limited
- Schedulers Logistics India Pvt. Ltd.
- Gubba Cold Storage Pvt. Ltd.
- Kailash Agro Cold Storage
- Deccan cold storage I Pvt. Ltd.
- Dev Bhumi Cold Chain Pvt. Ltd.
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“The
modernization of logistics has assisted the growth of the refrigerated
logistics sector. The demand for cold chain logistics increased unexpectedly in
India between 2020 and 2021. The need for cold storage and transportation has
risen as a result of the growing urban population and changing customer
preferences. Overall, it is expected that India's cold chain capacity would
expand steadily over the future years and increase at a very high CAGR
throughout the forecast period. The market is anticipated to organize itself better
and engage in more institutional investment. Built-to-suit assets with improved
architectural requirements, variety in cold storage products catering to
higher-value commodities, and usage of sustainable solutions for lowering
operational costs are possible future trends in this industry. Therefore, these
factors are expected to fuel the market growth of the India Cold Chain Logistics Market during
the forecast period,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India Cold Chain Logistics
Market, By Service Type (Refrigerated Warehouse, Refrigerated
Transportation), By Application (Seafood, Meat, Fruit & Vegetable, Dairy
Products, Alternative Protein, Others), By Temperature Type (Frozen, Chilled),
By Technology (Dry Ice, Gel Packs, Eutectic Plates, Liquid Nitrogen, Quilts), By Region,
Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of India Cold
Chain Logistics Market and provides statistics and information on market
structure, size, share, and future growth. The report is intended to provide
cutting-edge market intelligence and help decision-makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities present in the India
Cold Chain Logistics Market.
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